One condominium in the east has officially thrown in the towel for an enbloc sale – at least for now.
The 1080-unit Mandarin Gardens saw the disbanding of its two-year-old collective sales committee last week.
In a letter to residents, the main reasons cited were unfavourable market conditions and the moving in of new residents, whose views the committee felt should be heard.
The sales committee had been largely inactive since the beginning of the global financial crisis last year. Some members had also quit due to personal reasons or after selling off their unit.
Back at the height of the 2007 property boom, Mandarin Gardens was one of the many enbloc hopefuls.
This follows the similar fate of another sales committee at nearby seafront condominium Bayshore Park. The committee ceased to exist earlier this year after its formation was challenged by some residents.
Source: Channel News Asia, 29 Dec 2009